RenaissanceRe Holdings reported a fourth quarter loss last night and the reinsurer continued to count the cost of last year's hurricanes.

RenaissanceRe reported an operating loss of $206.9 million, or $2.92 a share, during the fourth quarter, compared to an operating profit of $188.6 million, or $2.62 a share, a year earlier.

The company was expecting to lose $1.83 a share in the fourth quarter, according to the average estimate of 15 analysts in a Thomson First Call survey.

Hurricane Wilma, which hit Florida during the fourth quarter, cost the reinsurer a net $313.9 million.

For 2006, RenaissanceRe forecast operating earnings of $6.50 a share to $7 a share. Analysts were expecting 2006 profit of $6.99 a share on average.

"For the first time in our corporate history, we've had an operating loss for the year, which was chiefly the result of the very active hurricane season," said chief executive officer Neill A. Currie. "While disappointing from a financial perspective, 2005 demonstrated the value that Renaissance delivers to its customers ? through rapid and reliable claims payment, through our capacity to price an bind contracts in all market conditions and through the strength of our balance sheet."